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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $7,420.53, which means that since yesterday, it is down about 4.53%. This is the 2nd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is unclear. It is currently 5.89% below its 20 day moving average of $7,885.087, which is somewhat close; a climb up to the 20 day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $6,824.22 and $8,945.95. The currency’s market cap is now at $130.96 billion US dollars, and it’s market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.31%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up gradually, as it has reported an average daily rise of 0.09% the past two weeks. A rise in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Update on Transactions and Hash Rate

274,621 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 3.25% over the past week. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.75 US dollars. Transaction fees have been declining by approximately 4.5% per week, while the average transaction size is down 5% in US dollars. The decline in Bitcoin’s transaction fee is welcome, but the decline in average transaction value may hinder the narrative of Bitcoin as a currency for large transactions. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been falling daily by a rate of approximately -0.14%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way, and that the chain is thus being something to keep an eye on. From this perspective, this behavior may not provide Bitcoin with the ability to attract more high value transactions.

Article by SixJupiter

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